Tracmail hunts for buyer

Rahul Gupta

MUMBAI: It could be another Wipro-Spectramind story. Mumbai-based BPO major Tracmail is all set to either merge or sell out both its units (Tracmail and Steam Tracmail) in the next two months. The company is looking for a potential investor in this regard. It is also planning a huge expansion by the end of this year.

Tracmail COO Arjun Vaznaik said, "With the continued growth over the past several years we have now reached a level where we need a strategic investor, which can further take the company to new heights. It could be either through merger or through acquisition."

The present shareholders of the company are Center Partners through the View Group, E-Tech Ventures and the promoters, who own around 30 percent of it. With the M&A route seeming to be a certainty, all the existing shareholders will have to divest their stake.

Tracmail and Stream Tracmail are both going on a major expansion drive. Both the units that currently have 700 and 500 seats respectively will open another center by the end of this year. Tracmail is looking to open it in Pune while Stream Tracmail is currently in the process of finalizing the location. It could either be Hyderabad, Pune or Bangalore. The investment would be between $5 million to $10 million in each of these units.

The company also plans to double its revenue to touch to $22 million. The company has generated revenue of $11 million last year. Tracmail, which currently has around 1,800 people in both the units, is planning to double its strength.

(CNS)